Bond talk is generally considered a sure-fire way to put your dinner companions to sleep. We're convinced that this is largely because people don't really understand the basics of bonds and like everyone—yes, everyone, including the media and a lot of so-called market "experts"—they're terrified by the fixed-income world.

In the next two lessons, we'll quell that terror, detailing all you need to know before choosing your first—and perhaps only—bond fund.